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X1 Closes $5.1 Million Series B Funding

“Helping clients find and take action on critical corporate information within hours – whether on laptops, desktops, corporate servers, in SaaS applications or in the cloud – is an incredibly powerful capability that the market is just now beginning to leverage,” said Craig Carpenter, CEO of X1. “X1 has an incredible opportunity in front of it, which was the catalyst for this round of growth capital. We’re ecstatic to gain the support of great partners like Palisades Growth Capital and George Kadifa for our journey to come.”

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Investing in ALSPs? Axiom Announces Strategic Investment from the Permira Funds

The Permira funds’ investment will support Axiom as it pursues growth opportunities arising from clients’ increasing need for legal talent that is flexible yet integrated with the enterprise. Areas of likely support include further investment in Axiom’s technology platform, which helps to identify, match and engage companies with talent, and continued expansion of Axiom’s sales force to better meet the needs of current and potential clients, particularly within the Fortune 500. Permira will also leverage its international footprint to support Axiom’s continued expansion, through investment and business development, in the U.S. and globally.

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Not Discovery? Cloud Technology Leader Clio Receives $250 Million Investment from TCV and JMI

“Clio is committed to building the essential operating system for lawyers, one that focuses relentlessly on unlocking new efficiencies and entry points to legal services. This will allow legal professionals to easily deliver exceptional client experiences, increase their productivity, grow their firms, and make legal services more accessible. This investment from experienced growth software investors will accelerate our ability to realize this vision.”

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ayfie Raises $10 Million in Funding

“We are very proud of ayfie’s excellent development since the initial round of funding. ayfie is solving problems that other less sophisticated systems cannot,” says Erik Baklid, CEO of ayfie. He adds: “The funding supports with power the achievement of our next business milestones taking full advantage of the momentum we’ve created.”

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iCONECT Secures Strategic Capital Funding

“This financing helps us work toward some exciting new developments and expansion of sales and marketing resources,” said CEO Ian Campbell. “We have been profitable since day one as a company, so we have never really seen the need for external resources. NewField brings both capital and strategic vision toward growth. With a constant focus on innovation, we are well-positioned to take on the unique technical challenges in our industry.”

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Sonasoft Completes Acquisition of E-Connect Software

“IDC predicts that AI solutions revenue will expand to $52.2 billion in 2021 with over a 45 percent growth rate,” said Mike Khanna, President of Sonasoft.  “We are aggressively going after this market, and the acquisition of E-Connect Software will definitely accomplish our objective to expand and scale Sonasoft’s AI Consulting capabilities.”

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Capital Southwest Leads a Recapitalization of Driven

“We are excited about our new partnership with Driven and its management team,” said Matt Darrah, Principal of Capital Southwest. “We are impressed by Driven’s management team and its ability to drive cost out of litigation and to serve its law firm and corporate clients effectively. Driven has developed the tools and products needed to support the growing volume and complexity associated with the eDiscovery market.”

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XDD Acquires QDiscovery

Bob Polus, XDD President and CEO states, “As we continue to explore, expand and scale business operations within key markets nationwide, merging forces with QDiscovery further strengthens our presence in the Midwest and on the east coast.  Congruent with XDD’s culture, the QDiscovery team thrives on providing exemplary client service, making it a natural fit for our company as we continue to scale our eDiscovery, forensics and managed review services.  We look forward to enhancing our company together.”

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Text IQ Raises $12.6M Series A to Advance AI Platform for Identifying Sensitive Information

Text IQ has developed a suite of AI solutions to help enterprises find sensitive information in near real-time, greatly improving upon traditional manual processes. Text IQ’s AI solutions identify sensitive information at 10 times the speed and 4 times less cost than traditional methods – along with reducing the risk of missing sensitive information by over 50%.

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